Bloqboard FAQ

General

What is Bloqboard?

Bloqboard provides set of tools to access peer-to-peer (p2p) lending protocols on the Ethereum blockchain. Currently, Bloqboard supports the Dharma p2p lending protocol. Bloqboard enables users to post requests to borrow ERC-20 tokens, view outstanding loans issued on the Dharma protocol, access p2p lending protocols to lend.

Basics

Do you charge any fees?

Bloqboard doesn't charge any fees. However, there are gas fee that users have to pay in ETH (native token of Ethereum) to access the Ethereum blockchain.

What else do I need to use Bloqboard?

You need to have a MetaMask extension installed on your web browser, and have a MetaMask Ethereum wallet set up.

You can find a MetaMask installation package and detailed instructions on MetaMask official website (https://metamask.io/). At the time of the writing, MetaMask extensions were available for Chrome, Firefox, Opera, and the new Brave browser.

Which lending protocol(s) do you support?

Bloqboard is currently supporting the Dharma p2p lending protocol (https://dharma.io/). It is a decentralized protocol that was built by Dharma Labs, Inc. for the purposes of issuing, relaying, and servicing of p2p loans issued on the Ethereum blockchain.

Do I need to deposit my tokens with Bloqboard?

No. Bloqboard is not a lending platform; it merely provides access tools to interact with p2p lending protocols on the Ethereum blockchain. Users can interact with the Ethereum blockchain directly using their digital wallets (MetaMask, for example).

Users also don't need to pay any fees to use Bloqboard, nor does Bloqboard sell any tokens. Currently, Bloqboard provides access to the Dharma protocol which enables p2p token transfer from your digital wallet like MetaMask.

What is ERC-721?

ERC-721 is an open standard for building non-fungible tokens on the Ethereum blockchain. Non-fungibility of the token means that each token unit is unique and might not be easily substituted with another unit of the same class (tokenized debt on Dharma is an example). This is in contrast to ERC-20 standard, which defines a class of identical tokens (crypto-tokens issued on the Ethereum blockchain).

What is the incentive for borrowers not to default on their loans?

In case of collateralized loans, as defined by the Dharma protocol, collateral is seized if borrowers default on their obligations.

Which tokens do you support?

It is up to lending protocols to support particular tokens. At the time of writing, Dharma protocol supports Top 50 ERC-20 tokens by market capitalization.

Can I contact you?

Yes! Bloqboard has an active Telegram Channel (https://t.me/Bloqboard) where you can get answers to any questions or share any comments you have about our tool.

Setting up

Which web browsers can I use?

To interact with p2p lending protocols user need a MetaMask extension (https://metamask.io/) installed on your web browser. At the time of the writing, MetaMask extensions were available for Chrome, Firefox, Opera, and the new Brave browser.

Do you have a mobile app?

No, we're currently focused on building out a desktop version of our platform. However, we will surely be adding a mobile app interface in the future.

How do I connect my wallet?

Just log into your MetaMask account (make sure that Main Network is selected) and open https://bloqboard.com/ in the same browser. If everything worked well, your Ethereum wallet address and token balances should appear at the top left corner of the web page:

How do I enable tokens to interact with lending protocols?

Log into your MetaMask account (make sure that Main Network is selected) and open https://bloqboard.com/ in the same browser. In "Your balances" section on the right-hand side, click on corresponding toggles to unlock any tokens you want to use for transfer on the Ethereum blockchain:

Can I use ETH directly without wrapping?

No. Unfortunately, ETH was introduced before ERC-20 standard existed. ERC-20 is a set of rules that ensures that decentralized tools like Bloqboard can enable peer-to-peer token transfers.

So, to use ETH in your transactions on Bloqboard, your first need to "wrap" it into WETH ("wrapped ETH"). Currently, ETH wrapping and unwrapping can be easily done on many platforms, including https://0xproject.com/portal and Bloqboard. Also, ETH codebase is currently being updated to make it compliant with the ERC-20 standard. If that happens, the need to wrap ether will eventually go away.

What is WETH?

WETH ("wrapped ETH") is an ERC-20-compliant token that is equal in value to ETH. Because ETH doesn't comply with its own ERC-20 standard, it cannot be directly exchanged for other ERC-20-compliant tokens.

How can I unwrap my WETH?

Currently, ETH wrapping and unwrapping can be easily done on many platforms, including https://0xproject.com/portal and Bloqboard. Also, ETH codebase is currently being updated to make it compliant with ERC20 standards. If that happens, the need to wrap ether will eventually go away.

Accessing lending protocols with Bloqboard: Borrowers

How do I make a loan request?

After you set up MetaMask and unlock all necessary tokens (see "Setting up" section above), follow the steps below to request a loan:

1. Fill in the "New request to borrow" form at the bottom left of your Bloqboard window and click "Place request to bulletin board":

Note that the interest rate that you set in this form is not an APR, but rather a total interest to be paid over duration of a loan (as a % of the requested amount). For example, a 5% interest on a 3-week loan of 20 REP implies that a total of 20 x (1 + 0.05) = 21 REP will be repaid by the end of a 3-week period.

2. Confirm unlocking all necessary tokens by clicking "Next":

3. Review loan request details and click "Place request to borrow":

4. A MetaMask pop-up window should appear offering to confirm the transaction. If the pop-up window doesn't show up, open your MetaMask account manually to confirm. Click "Sign" to proceed:

5. A confirmation window should pop up informing you that a new loan request was added to the bulletin board. Click "OK":

6. You're done! Your new loan request should appear at the top of the "Requests to Borrow" at the top of the screen:

7. At the same time, that same loan request should appear on "My open requests to borrow" panel at the bottom left:

Which digital asset types can be used as a collateral?

Bloqboard does not specify what you should use as collateral as we provide merely a tool that helps users to access and interact with p2p lending protocols on the Ethereum blockchain. Dharma protocol currently supports Top 50 ERC-20 compliant tokens there tokens can be used as a collateral. When additional lending protocols come online, more collateral choices will be available.

How do I repay a loan?

To repay a loan:

1. Find the loan in the "My borrowed tokens" panel at the user dashboard at the bottom. Click "Repay":

2. Enter repayment amount and click "Make repayment":

3. A MetaMask pop-up window should appear offering to confirm the transaction. If the pop-up window doesn't show up, open your MetaMask account manually to confirm. Click "Submit" to proceed:

4. A confirmation window will pop up informing you that a loan repayment was successful. Click "OK":

Can I post existing requests to borrow from other Dharma protocol supported applications?

Any existing Dharma protocol loan requests can be imported into Bloqboard:

1. Click "Import request to borrow from Dharma protocol supported application" link on the "New request to borrow" panel at the bottom left:

2. Paste your request JSON into the form and click "Continue":

How do I cancel request to borrow?

You can click on the cancel button in your "open requests to borrow" and view cancelled requests in the "My cancelled requests to borrow" tab at the bottom left in the dashboard.

Accessing lending protocols with Bloqboard: Lenders

Can you help me understand Bloqboard interface?

Bloqboard interface includes several main panels:

  • Wallet information (top left) - your active MetaMask Ethereum wallet address, unlocked tokens and their balances 
  • New request to borrow (left) - a new loan request form for borrowers 
  • Requests to borrow (middle) - bulletin board that contains requests to borrow. Users can see current loan requests from borrowers and the ability to access p2p lending protocols like Dharma to fund such loans 
  • Issued Loans (right) - displays p2p loans issued on the Dharma protocol. Information is taken from the Ethereum blockchain and provided by  https://loanscan.io/
  • My open requests (bottom left) - displays all loan requests that have not been funded yet 
  • My cancelled requests to borrow (bottom left) - displays user's cancelled requests to borrow 
  • My borrowed tokens (bottom) - borrowers can see their borrowed via p2p lending protocols tokens. Bloqboard provides users with an interface to repay such loans and return collateral if loans have been repaid (in the case of the Dharma protocol) 
  • My loaned tokens (bottom right) - tokens that users loaned to other users of the Dharma p2p lending protocol

How do I review my loaned tokens?

All your loaned tokens would appear in the bottom right panel of the dashboard ("My loaned tokens"):

What happens if a loan is not repaid on time?

If a payment has not been made on time, the system marks it as being delinquent:

If a loan is collateralized, lender can seize ALL tokens that are used as collateral as defined in the Dharma protocol  https://whitepaper.dharma.io.